Zoom Changes Name to Emphasize AI Offerings, Gives Sales Forecast
- Company says it has dropped ‘video’ from official name
- Zoom adds $1.2 billion to existing stock repurchase program
In the fiscal third quarter, sales increased 3.6% to $1.18 billion, compared with analysts’ average estimate of $1.16 billion.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Zoom Communications Inc. dropped the most in 18 months after it gave a revenue outlook that disappointed investors expecting a bigger boost from the company’s expanded suite of products.
The software company, known for its videoconferencing service, has introduced more tools for corporate clients, including phone systems, a contact center application and artificial intelligence assistants. To emphasize its broader view of the business, Zoom announced Monday that it has dropped “video” from its official name and would now be known as Zoom Communications Inc.